The consortium formed by Odebrecht and the Spanish company FCC will have to find a new bank to grant the funds that Citibank was supposed to provide under the original financing structure.
The exit of Citigroup from the $1,857 million financing structure for the design and construction of Line 2 of the Panama Metro could be due to the recent deterioration in the risk perception of the Brazilian company Odebrecht, whose rating Fitch cut on May 3, citing the "... the increased risk and uncertainty associated with lack of publication of the financial statements of the company at the end of April."
After the cancellation, because of the Waked case, of the issuance of $625 million at 5.375%, Citigroup has announced a relaunch of the issue, and is now offering $500 million at 5.625%.
An article on Prensa.com reports that "... Tocumen, SA, a public company that runs the country's main airport, yesterday relaunched a bond issue with which it is aiming to raise funds to complete construction of its new terminal, T2 ... Last Tuesday an issue of $625 million to be sold on international markets with a coupon or interest rate of 5.375% was canceled."
The financial group from Nicaragua has announced the acquisition of the consumer and commercial banking operations of Citi in Guatemala.
Promerica Group announces the signing of a definitive agreement for the acquisition of consumer banking and commercial banking of Citi Guatemala, subject to approval from the regulatory agencies.
Reports have been made that the Canadian bank could be analyzing the conditions for bidding by units for Citi's consumer banking operations in Costa Rica and Panama.
The group may be analyzing a Canadian bid for the operations of Citigroup in Costa Rica and Panama, two countries in Central America where it already has a presence.
Atlantis Group is negotiating with Citigroup to acquire the insurer SISA and the consumer banking portfolio in El Salvador, where it will seek to operate a management and stock brokerage fund.
The group, from Honduras, has operated in El Salvador since it bought Citigroup's 75% stake in the pension fund manager AFP Confia. Now it aims to consolidate its participation in the Salvadoran financial market with a brokerage and investment fund management company.
The Colombian Bank which already has a presence in Central America said it is still interested in a possible acquisition of the assets of Citi's consumer banking operations in Central America.
A Spanish bank was the first entity to be interested in acquiring the consumer banking operations belonging to Citi in the region, however the negotiations did not come to fruition and now it has been reported that the Colombian bank, which according to reports has been interested from the beginning, is in talks with Citi ombudsmen over the possible purchase of its regional operations, estimated at $1.5 billion.
It has been reported that the Spanish firm Banco Popular has abandoned the negotiations for the purchase of Citigroup's consumer banking unit in the region.
Reports published by Bloomberg.com indicate that a purchase of consumer banking operations in the region would not be aligned to the strategic plan of the Spanish Banco Popular SA, who for weeks had been holding negotiations with Citigroup.
Citigroup could be soon finalizing the sale of its consumer banking operations in Central America with Bank of Spain, which could be paying $1.5 billion.
A report on Bloomberg.com noted that negotiations between the US bank and the Spanish bank are very advanced, and only the only thing left is to define the final value of the transaction, which could amount to $1.5 billion, according to unnamed sources cited by Bloomberg.
Aside from the Colombian Grupo Aval, the Spanish company Banco Popular may also be in negotiations to acquire Citi's entire consumer banking operation in Central America.
The sixth largest bank in Spain, which at the moment has no presence in Central America, could be interested in acquiring the consumer banking operation that Citi has put up for sale in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.
The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.
The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks.
The group has announced that as part of its long-term strategy it will withdraw from the consumer banking business in Costa Rica, El Salvador, Panama, Guatemala and Nicaragua.
Citigroup today announced strategic actions to accelerate the transformation of its Global Consumer Banking (GCB) to focusing on those markets where it has the largest scale and growth potential. As a result, Citigroup intends to exit its consumer businesses in 11 markets. The new consumer banking footprint will serve 57 million customers in 24 markets which capture more than 95% of the existing revenue base in GCB, while further simplifying operations and improving performance.
The convulsions in Venezuela should not be seen as merely a political issue, but also from the point of view of the economic insecurity it creates in the region.
The effects of the crisis in Venezuela are not only reflected in the economy but spread quickly to the rest of the continent, particularly in countries with the most trade and economic ties.
Based on well-formulated laws and proper management, these agreements generate efficiency in the financing and implementation of projects.
Public -private partnerships have become a very attractive option for funding large infrastructure projects that are carried out in Panama, they generate more efficiency of funding and less bureaucratic delay in implementation.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
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